Earlier today the budget was announced; one of the key points, there is to be an increase in the rate of film tax relief.
With a main objective of encouraging production of culturally British Films in the UK, George Osborne announced that film tax relief (FTR) will be increased to 25%, for all eligible films in the UK.
The Current Film tax relief applies at a rate of 25% for the first £20 million of qualifying core expenditure, 20% of any amount thereafter; the new film tax relief will be applied at 25% for all expenditure. There are currently between 200-300 UK films benefiting from film tax relief.
More details about this can be found in the policy costings document published alongside the 2015 Budget.
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